Convergence Investment Partners LLC Has $5.55 Million Stake in Pattern Energy Group Inc (PEGI)

Convergence Investment Partners LLC grew its position in Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 522.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 230,316 shares of the utilities provider’s stock after buying an additional 193,331 shares during the period. Pattern Energy Group accounts for approximately 0.8% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 17th largest position. Convergence Investment Partners LLC owned 0.24% of Pattern Energy Group worth $5,551,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Pattern Energy Group by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock valued at $139,961,000 after buying an additional 38,599 shares during the period. BlackRock Inc. grew its stake in shares of Pattern Energy Group by 2.6% in the 2nd quarter. BlackRock Inc. now owns 5,157,269 shares of the utilities provider’s stock valued at $122,951,000 after buying an additional 130,085 shares during the period. CI Investments Inc. grew its stake in shares of Pattern Energy Group by 0.3% in the 2nd quarter. CI Investments Inc. now owns 2,866,800 shares of the utilities provider’s stock valued at $68,345,000 after buying an additional 7,700 shares during the period. Brookfield Asset Management Inc. grew its stake in shares of Pattern Energy Group by 10.0% in the 2nd quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock valued at $58,787,000 after buying an additional 224,508 shares during the period. Finally, Beach Investment Management LLC. grew its stake in shares of Pattern Energy Group by 1,098.2% in the 2nd quarter. Beach Investment Management LLC. now owns 1,974,586 shares of the utilities provider’s stock valued at $47,074,000 after buying an additional 1,809,792 shares during the period. 75.45% of the stock is owned by institutional investors and hedge funds.

Several analysts have recently weighed in on PEGI shares. Williams Capital started coverage on shares of Pattern Energy Group in a research note on Monday, October 16th. They issued a “buy” rating and a $28.00 price target for the company. BMO Capital Markets restated a “buy” rating and issued a $28.50 price objective on shares of Pattern Energy Group in a report on Friday, September 8th. Zacks Investment Research upgraded shares of Pattern Energy Group from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Friday, August 25th. BidaskClub lowered shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 10th. Finally, Wells Fargo & Company decreased their price objective on shares of Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating on the stock in a report on Friday, November 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $25.65.

In other Pattern Energy Group news, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $23.01, for a total transaction of $55,224.00. Following the sale, the insider now directly owns 143,411 shares in the company, valued at approximately $3,299,887.11. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders sold 8,200 shares of company stock worth $190,477. Company insiders own 1.60% of the company’s stock.

Pattern Energy Group Inc (NASDAQ:PEGI) opened at $21.92 on Monday. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.87. Pattern Energy Group Inc has a fifty-two week low of $18.68 and a fifty-two week high of $26.56. The company has a market cap of $2,146.10, a P/E ratio of 2,192.00, a PEG ratio of 9.74 and a beta of 0.99.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be issued a $0.422 dividend. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.69 annualized dividend and a dividend yield of 7.70%. The ex-dividend date of this dividend is Thursday, December 28th. Pattern Energy Group’s dividend payout ratio is currently 4,201.05%.

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About Pattern Energy Group

Pattern Energy Group Inc is an independent power company focused on owning and operating power projects. The Company holds interests in over 18 wind power projects located in the United States, Canada and Chile with total capacity of over 2,644 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.

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Institutional Ownership by Quarter for Pattern Energy Group (NASDAQ:PEGI)

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